ECD Auto Design Announces Funding for Growth Initiatives

Rhea-AI Summary

ECD Auto Design (Nasdaq: ECDA), the world's largest Land Rover and Jaguar restoration company, has secured $2 million in funding from existing stakeholders. This capital injection aims to accelerate growth initiatives in their recently acquired Ford Mustang and Toyota FJ product lines, as well as secure high-value-added licenses to drive higher prices and increase margins.

The company plans to launch a 'Build-To-Sell' model for immediate purchase options and intends to showcase these products in their first retail location, set to open in 2025. CEO Scott Wallace expressed excitement about the funding, highlighting the potential of the classic, luxury restomod industry. ECD Auto Design aims to add new revenue channels and increase capacity utilization within their 100,000 square foot manufacturing facility through a disciplined capital allocation strategy.

Positive

• Secured $2 million in funding from existing stakeholders
• Expansion into Ford Mustang and Toyota FJ product lines
• Plans to secure high-value-added licenses to increase prices and margins
• Launch of 'Build-To-Sell' model for immediate purchase options
• Opening of first retail location in 2025
• 100,000 square foot manufacturing facility available for increased capacity utilization

Negative

• None.

KISSIMMEE, Fla., Aug. 12, 2024 /PRNewswire/ -- ECD Auto Design (Nasdaq:ECDA), the world's largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, announced today that it has secured $2 million of funding from existing stakeholders to accelerate growth initiatives in its recently acquired Ford Mustang and Toyota FJ product lines, as well as secure high-value-added licenses to catalyze higher prices and drive incremental margin. The specific details of the $2 million of funding will be disclosed by ECD in a Current Report on Form 8-K and readers are advised to review the Form 8-K. Additionally, the company intends to launch its "Build-To-Sell" model for clients that desire immediate purchase and plans on showcasing these products in ECD's first retail location to be opened in 2025.

Scott Wallace, Founder and CEO commented, "We are excited to secure this funding with supportive investors, as we collectively see the untapped potential of the classic, luxury restomod industry. With a disciplined capital allocation strategy, we believe we can continue to add new revenue channels and increase the overall capacity utilization within our 100,000 square foot manufacturing facility."

About ECD Auto Design

ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added the Ford Mustang. Historically each vehicle produced by ECD was fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence ("ASE") craftsmen. The company was founded in 2013 by three British "gear heads' whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD's global headquarters, known as the "Rover Dome," is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 90 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecd-auto-design-announces-funding-for-growth-initiatives-302219570.html

SOURCE ECD Automotive Design

FAQ

What is the amount of funding secured by ECD Auto Design (ECDAW) in August 2024?

ECD Auto Design (ECDAW) secured $2 million in funding from existing stakeholders in August 2024.

What new product lines is ECD Auto Design (ECDAW) expanding into with the recent funding?

ECD Auto Design (ECDAW) is expanding into Ford Mustang and Toyota FJ product lines with the recent funding.

When does ECD Auto Design (ECDAW) plan to open its first retail location?

ECD Auto Design (ECDAW) plans to open its first retail location in 2025.

What new business model is ECD Auto Design (ECDAW) launching for immediate purchases?

ECD Auto Design (ECDAW) is launching a 'Build-To-Sell' model for clients who desire immediate purchase options.